January 7, 2014
Producer Marketing Manager
January Crop Production, Winter Wheat Seeding, and Quarterly Grain stocks reports will be released Friday, Jan 10th @ 11:00 am. See estimates below.....
CORN: As of 7:45 – Steady
Some buying ahead of the fund rebalancing set to start tomorrow? It is estimated that 90,000 contracts of corn need to be bought in the rebalancing process. New sales to Mexico yesterday morning trumped the rather low export inspections that were released. China rejections seem to resonate each and every day, but news that they will start taking our DDGS again is circulating…..
SOYBEANS: As of 7:45 – Down 4
It was an old crop/new crop spread type of day yesterday as the nearby was higher on continued strong export inspections, while the November contract struggled to gain traction in light of decent crop conditions in Brazil and Argentina. The frigid temps that plunged south this week are affecting river navigation on the ILL as well as farmer movement to those domestic processors, thus firming the river bids.
WHEAT: As of 7:45 – MPLS and KC Down 1
The USDA reported 128,000 tons Hard Red Winter and 32,000 tons Soft Red Winter sold to Unknown for 14/15 crop year yesterday morning. Western Australian harvest is wrapping up, and most receiving stations reporting record handles. Final production reports could be 2 mmt higher than guesses of only 30 days ago.